Tango Therapeutics (NASDAQ:TNGX) Major Shareholder Sells $608,671.36 in Stock

Key Points

• Rock Ventures Iv L.P. Third, a major shareholder of Tango Therapeutics, sold 86,459 shares for a total value of $608,671.36, reducing their stake by 0.58% to approximately 14.7 million shares.
• Tango Therapeutics' stock trades at around $6.82, having a 52-week low of $1.03 and a high of $10.85, with an average price target from analysts set at $10.50.
• Institutional investors and hedge funds own 78.99% of Tango Therapeutics, indicating strong institutional support for the company.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) major shareholder Rock Ventures Iv L.P. Third sold 86,459 shares of the business's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $7.04, for a total transaction of $608,671.36. Following the sale, the insider owned 14,727,516 shares of the company's stock, valued at $103,681,712.64. This represents a 0.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Large shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

Rock Ventures Iv L.P. Third also recently made the following trade(s):

• On Friday, September 5th, Rock Ventures Iv L.P. Third sold 642,906 shares of Tango Therapeutics stock. The stock was sold at an average price of $7.00, for a total transaction of $4,500,342.00.
• On Friday, August 22nd, Rock Ventures Iv L.P. Third sold 302,194 shares of Tango Therapeutics stock. The stock was sold at an average price of $7.00, for a total transaction of $2,115,358.00.
• On Tuesday, August 19th, Rock Ventures Iv L.P. Third sold 1,100,000 shares of Tango Therapeutics stock. The stock was sold at an average price of $7.01, for a total transaction of $7,711,000.00.

Tango Therapeutics Price Performance

Shares of NASDAQ:TNGX traded down $0.31 during trading on Friday, hitting $6.53. 1,780,986 shares of the company were exchanged, compared to its average volume of 1,338,086. The stock has a market capitalization of $726.53 million, a P/E ratio of -4.91 and a beta of 1.64. Tango Therapeutics, Inc. has a 12-month low of $1.03 and a 12-month high of $10.85. The firm's 50 day moving average price is $6.60 and its 200-day moving average price is $3.88.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($0.35) earnings per share for the quarter, hitting the consensus estimate of ($0.35). The business had revenue of $3.18 million during the quarter, compared to the consensus estimate of $6.41 million. Tango Therapeutics had a negative net margin of 599.11% and a negative return on equity of 79.72%. As a group, equities research analysts anticipate that Tango Therapeutics, Inc. will post -1.19 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Piper Sandler assumed coverage on shares of Tango Therapeutics in a research report on Monday, August 18th. They issued an "overweight" rating and a $11.00 price target for the company. Guggenheim upped their price target on shares of Tango Therapeutics from $8.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Tango Therapeutics has an average rating of "Buy" and a consensus price target of $10.50.

Hedge Funds Weigh In On Tango Therapeutics

Institutional investors have recently bought and sold shares of the company. CWM LLC increased its stake in Tango Therapeutics by 182.2% in the 2nd quarter. CWM LLC now owns 4,905 shares of the company's stock valued at $25,000 after buying an additional 3,167 shares during the period. Legal & General Group Plc increased its stake in Tango Therapeutics by 30.7% in the 2nd quarter. Legal & General Group Plc now owns 6,985 shares of the company's stock valued at $36,000 after buying an additional 1,640 shares during the period. Ameritas Investment Partners Inc. increased its stake in Tango Therapeutics by 78.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,830 shares of the company's stock valued at $40,000 after buying an additional 3,452 shares during the period. Tower Research Capital LLC TRC increased its stake in Tango Therapeutics by 44.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,473 shares of the company's stock valued at $49,000 after buying an additional 2,907 shares during the period. Finally, Northeast Financial Consultants Inc acquired a new position in Tango Therapeutics in the 2nd quarter valued at $51,000. 78.99% of the stock is owned by institutional investors and hedge funds.

Tango Therapeutics Company Profile

Tango Therapeutics, Inc, a biotechnology company, discovers and develops drugs for the treatment of cancer. Its lead program is TNG908, a synthetic lethal small molecule inhibitor of protein arginine methyltransferase 5 that is being developed as a treatment for cancers with methylthioadenosine phosphorylase deletions.